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Tax Professionals Sue the IRS to End PTIN Fees - CPAPracticeAdvisor.com (registration)

Google IRS Federal Income Tax - Tue, 2014-09-09 14:27

CPAPracticeAdvisor.com (registration)

Tax Professionals Sue the IRS to End PTIN Fees
CPAPracticeAdvisor.com (registration)
Since 2010, the IRS has required PTINs for any individual preparing taxes for others, but no specific training or experience is required to prepare other federal income taxes for other taxpayers. In 2011 and 2012, the IRS tried to enact a program that ...

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Categories: Tax news

Tax Professionals Sue IRS, Treasury Dept. to End PTIN Fees - CPAPracticeAdvisor.com (registration)

Google IRS Federal Income Tax - Tue, 2014-09-09 14:27

CPAPracticeAdvisor.com (registration)

Tax Professionals Sue IRS, Treasury Dept. to End PTIN Fees
CPAPracticeAdvisor.com (registration)
Since 2010, the IRS has required PTINs for any individual preparing taxes for others, but no specific training or experience is required to prepare other federal income taxes for other taxpayers. In 2011 and 2012, the IRS tried to enact a program that ...
IRS Hit With Class Action Suit Over Tax Preparer User FeesForbes
CPA practitioners sue to stop PTIN feesJournal of Accountancy

all 9 news articles »
Categories: Tax news

Economic Development Officials Call for Special Tax Incentive Session in North Carolina

Tax Foundation - Tue, 2014-09-09 10:45

After North Carolina’s general assembly adjourned without renewing several tax credits or offering funding for several economic development programs, municipalities and economic development offices have begun calling for a special session. The main programs in question are the Job Development Investment Grant (JDIG), which allows qualifying businesses to be rebated a share of withholding taxes paid by new employees, the film tax credit, the historic preservation tax credit, and the renewable energy tax credit. All of these programs have been reduced or allowed to expire as part of North Carolina’s landmark base-broadening tax reforms in the last few years.

Retiring such narrow, distortionary incentives is a vital part of sound tax reform. Lower rates cannot be sustainably paired with bigger incentives and deductions (i.e. a narrower base). Simplifying the tax code by removing incentives for historic preservation, renewable energy, and film tax credits, in combination with reduced headline rates, is likely to boost economic efficiency. While some interest groups and politically favored sectors may lose out in the short run, ultimately, lower, simpler taxes are more supportive of economic growth.

Economic development offices understandably have concerns with reduced tax credits, because these tools give them flexibility to compete for big, flagship companies. But while that sounds like a feature of tax incentives, it’s actually a fault. The big headline companies do get special tax preferences, while smaller companies with long histories in North Carolina don’t, and foot the full freight of the tax. Then, the next time that big new company is looking to expand operations, they’ll come calling for an even bigger incentive to stay. On the other hand, states could save money on economic development expenditures by simply offering lower taxes to all companies, and removing the need (and cost) to negotiate special deals.

That’s the whole idea behind lowering rates and broadening bases: eliminate special provisions to finance lower taxes for everyone. North Carolina succeeded in lowering the rates, but is starting to face pushback now on broadening the base. The state has taken a big step towards smarter tax policy: now it remains to be seen whether policymakers will remain committed to last year’s groundbreaking reforms, or backtrack away from the principles that underlay those reforms. Of course, if North Carolina’s tax changes this year are any indication, then it seems likely that simple, sound, pro-growth tax policy will win out.

Read our North Carolina tax reform guide here.

Read more on North Carolina.

Read more on tax incentives.

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New Earnings Stripping Bill is Fundamentally Unserious

Tax Foundation - Tue, 2014-09-09 10:45

This week, Senator Chuck Schumer (D-NY) released a discussion draft for a bill that would further limit the amount of interest an inverted corporation can deduct from its taxable income. The aim of this bill is to make it harder for inverted corporations to reduce their taxes paid to the U.S. Treasury through a procedure called “earnings stripping.” This bill would apply to all future companies that invert and companies that have inverted in the last twenty years.

The proposed bill is unfair in its retroactive application, takes aim at insignificant revenue loss, and does not address the fundamental issues with the United States’ current tax code.

A Further Limit on Interest Deductions for Inverted Firms; Retroactive Application of Limits

Under current law, the United States already limits the amount of interest a corporation can deduct from its taxable income. The Section 163(j) rules were passed in the late 1980s in order to prevent U.S. corporations from using excessive interest deductions in order to reduce their taxable income in the United States and shift their income into countries with lower tax rates. The rules do not allow corporations to deduct interest from their taxable income and pay that interest to related corporate subsidiaries under two conditions: when a company has a debt-to-equity ratio greater than 1.5 to 1 or the amount of interest a company can deduct exceeds 50 percent of their taxable income.

For example, a company may earn $100 in taxable income the United States. This U.S. company would only be able to deduct up to $50 in interest in the United States and pay that interest to a subsidiary in Canada.

Senator Schumer’s bill alters these rules specifically for inverted companies. The law reduces the interest limit to 25 percent of taxable income.

The second half of the law changes the definition of an inverted company in two ways. First, it broadens the definition of an inverted company in a way that reduces the ownership requirement from 60 percent to 50 percent. Second, it retroactively applies these new restrictions to companies that inverted after 1994.

Retroactive Tax Policy is Bad Tax Policy

There are two issues with retroactive taxation.

First, retroactive tax changes are unfair. Businesses have been operating, planning, and investing under a specific set of rules. It is not fair if they are then later told that they will be taxed on this past behavior differently.

Second, it is usually thought that retroactive tax changes are efficient in so far as businesses and individuals cannot plan for them and alter their behavior. However, this only holds if there is no prospect of future retroactive tax changes. When a retroactive tax is applied, it gives the impression that the government is open to future retroactive tax changes. This will make businesses and individuals more cautious about future planning and can drastically cut back on future investment and economic activity.

Makes Tax Code More Complex and Less Competitive to Prevent Little Revenue Loss

This bill is being proposed as a way to stop a significant erosion to the corporate tax base, but there is not much evidence to support that earnings stripping or inversions are a significant revenue cost. This bill will make the corporate tax code more complex and uncompetitive with little benefit.

According to the Joint Committee on Taxation, inversions are projected to cost the U.S. Treasury approximately $20 billion over ten years. While this seems like a significant amount, it pales in comparison to the $4.5 trillion the CBO projects the U.S. Treasury to collect from the corporate income tax.

There is also a lack of evidence that earnings stripping, specifically from foreign-owned (or inverted) corporations, is a big deal either. According to IRS data, foreign-owned subsidiaries (which include inverted companies) deduct less interest than domestic corporations. If earnings stripping were a big deal, foreign-owned companies, the opposite would be the case.

This Bill Does Not Address the Fundamental Problem with our Tax Code

The biggest issue with this law is that it does not address the fundamental issue with the United States’ tax code: its high corporation income tax rate and its worldwide taxation of corporate profits.

For inversions, the biggest benefit is the fact that most countries do not have worldwide corporate income tax systems. Most countries have what are called territorial systems that only tax income earned in their border. This means that any profits earned inside a country are taxed by that country and any profits earned outside of a country is not taxed. So if a U.S. corporation relocates to the United Kingdom, it would no longer be liable for that additional U.S. tax on its foreign profits.

For earnings stripping, any benefit comes from the fact that the United States’ corporate income tax rate is higher than every other country’s tax rate in the OECD. Take the tax differential between the United States and Canada (39.1 percent vs. 26.3 percent). A corporation has an incentive to realize income in Canada (because of its low income tax rate) and realize costs in the United States (because of its high income tax rate). Another way to look at this is that if the U.S.’s corporate tax rate was lower than other countries, there would be no incentive to strip earnings from the United States, there would actually be an incentive to move earnings into the United States.

If lawmakers wanted to treat this issue seriously, they would look to lower the corporate income tax rate and move to a territorial tax system.

For more on corporate tax inversions see: “How much do Corporate Inversions Cost,” “Everything You Need to Know about Corporate Inversions,” and “More Perspective on Inversions: Not a Threat to the Tax Base, but the Face of U.S. Uncompetitiveness.

Categories: Tax news

Local man pleads guilty to identify theft, agrees to be deported - FOX19

Google IRS Federal Income Tax - Tue, 2014-09-09 10:20

Local man pleads guilty to identify theft, agrees to be deported
FOX19
A local man pleaded guilty to one count of identity theft in a scheme to file false federal income tax returns with the Internal Revenue Service (IRS) in an effort to secure false claims for income tax refunds. Julio Lopez, 38, faces a maximum of 15 ...

Categories: Tax news

IRS Releases More Detail on EITC Over-Payments

Tax Foundation - Mon, 2014-09-08 12:45

One of the major issues with the Earned Income Tax Credit is that is suffers from a high amount of payment error. In any given year, the error can amount to approximately 25% of total payments and cost $14 billion dollars.

It is usually not clear exactly why these errors occur. There are two common stories behind them. The first story is about plain fraud. Taxpayers, or the preparers that help them file taxes, are purposefully misrepresenting their information in order to receive the EITC, or increase their EITC.

The second story is that EITC filers, which are typically lower-income individuals with lower levels of education, are making a high number of mistakes when filing. For instance, they may claim their child as a dependent (which leads to a much larger EITC), but their ex-spouse may have claimed their child as well. The result being that one parent is non-compliant.

Recently, the IRS released an update to a study it did in 1999 on the EITC and source of its high errors. The 2006-2008 EITC compliance study uses tax audit data to study the source of EITC non-compliance. While it doesn’t really answer the above questions about whether errors are fraud or mistakes, it has a few important data points that we should keep in mind.

Most Errors were Income Misreporting, but Most Dollars were Qualifying Child Errors

The most common error was income misreporting. This represented 58 percent of total errors. However, since these errors averaged around $800, this type of error only accounted for 35% of total error dollars.

The second more common error was claiming a child when the taxpayer shouldn’t. Although this only accounted for 21 percent of the total number of errors, it accounted for 38 percent of the total cost. This is due to the fact that claiming a child in error resulted in an average error size of $2,384. This makes sense, given the structure of the EITC, which increases its value greatly for each child a taxpayer has.

Break Down of EITC Non-Compliance

Type of Error

Percent of Total Errors

Percent of Total Error Dollars

Average Error Size

Income Misreporting Alone

58%

35%

 $           807.00

Qualifying Child Errors Alone

21%

38%

 $        2,384.00

Both Income and Child Errors

9%

15%

 $        2,451.00

All other Errors

12%

12%

 $        1,447.00

Total

8.4 Million

$11.4 Billion

N/A

Only 9 percent of those who claimed the EITC in error had both types of errors. These errors had the highest average value at $2,451. The remaining 12 percent of errors include issues like filing status errors and invalid social security numbers and averaged about $1,447.

Those Who Claim the EITC Were More Likely to have Someone Else Prepare Their Tax Return

An important thing to keep in mind about those who claim the EITC is that they prepare their tax returns in a systematically different way than taxpayers who don’t. Specifically, they are far more likely to have others (paid preparers or free preparers) fill out their tax return for them. According to the IRS report, 68 percent of those claiming the EITC had someone else prepare their tax return for them. This is compared to the 55 percent of taxpayers who did not claim the EITC who used a preparer.

Likelihood of Claiming EITC by Type of Preparer

 

Did not Claim EITC

Claimed EITC

Self-Prepare

43%

29%

Paid-Preparer

55%

68%

CPA

16%

6%

National Tax Preparation Firm

5%

21%

Unenrolled Return Preparer

10%

26%

IRS Preparer

2%

3%

The type of preparer used differed between those who claimed the EITC and those who didn’t. The biggest difference is the use of CPAs vs. the use of National Tax Preparation Firms and Unenrolled Preparers. According to the IRS, 16 percent of those who did not claim the EITC used a CPA, while only 6 percent of those claiming the EITC did so. In contrast, 21 percent and 26 percent of those who claimed EITC used either a national tax preparation firm or an unenrolled preparer, respectively. This may be due to price (CPAs may cost more), or availability (national tax preparation firms may be located in more low-income areas compared to CPAs).

Regardless of Preparer Type, Error Rates are High

The report also showed the likelihood of EITC over claims by preparer type. The biggest takeaway is the fact that there is not statistically significant difference in the likelihood of over reporting between self-preparers and paid preparers. 47 percent of self-prepared returns over-claimed the EITC compared to 51 percent of paid preparer returns.

EITC Non-Compliance by Preparer Type

Type of Preparer

Likelihood of Over claims

Self-Prepared

47%

Paid Preparer

51%

Attorney

35%

CPA

49%

Enrolled Agent

46%

Employee of Taxpayer

58%

Friend/Relative

37%

National Tax Return Prep Firm

44%

Unenrolled Preparer

54%

Type Unknown

72%

IRS Preparers

26%

Note: These are the upper-bound estimates

 

What is also interesting is that fact that the likelihood of error among almost all types of paid-preparers is high. CPAs, which had an over claim rate of 49 percent, were almost as likely to make an over claim error as an individual who prepared the return themselves.

It should also be noted that some of these subtypes of preparers, especially IRS paid preparers, attorneys, and employees of taxpayer have a very low sample sizes (only 3 percent of all returns claiming the EITC were prepared by the IRS). The fact that IRS preparers and friends have the lowest error rates may be due to chance, rather than for any systematic reasons.

Overall, the report found that between 43 and 50 percent of all returns had an error in favor of a higher EITC payment between 2006 and 2008. This represents an over claim dollar amount of about 28 to 39 percent. 

Categories: Tax news

IRS Hit With Class Action Suit Over Tax Preparer User Fees - Forbes

Google IRS Federal Income Tax - Mon, 2014-09-08 12:30

Forbes

IRS Hit With Class Action Suit Over Tax Preparer User Fees
Forbes
Paid preparers may not prepare federal income tax returns without a valid PTIN. In 2012, a group of tax preparers (Sabina Loving of Chicago, Illinois; John Gambino of Hoboken, N.J.; and Elmer Kilian of Eagle, Wisconsin) filed suit against the ...
CPA practitioners sue to stop PTIN feesJournal of Accountancy

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Russia's PM signals $40 billion state help for Rosneft possible: Vedomosti

Yahoo Tax - Sun, 2014-09-07 23:38

Russian Prime Minister Dmitry Medvedev said that the state oil champion Rosneft , in need of funds to service its huge debt, may receive 1.5 trillion roubles ($40.6 billion) from state coffers over time, Vedomosti newspaper said on Monday. Last month, a government source said that the company's head Igor Sechin has asked for 1.5 trillion roubles from the National Wealth Fund, one of Russia's sovereign wealth funds, to help the company weather western sanctions against Moscow for its policy on Ukraine. I recently held a meeting on Rosneft’s investment program: the company needs to maintain its production levels, because Rosneft is a major source of tax revenue," he said.


Categories: Tax news

Doubts return at SandRidge a year after CEO ousted by investors

Yahoo Tax - Sun, 2014-09-07 22:14

By Anna Driver HOUSTON (Reuters) - In June 2013, activist investors got the board of SandRidge Energy Inc to fire its CEO Tom Ward, arguing that he had mismanaged the Oklahoma City company and destroyed billions in shareholder value. The oil and gas producer’s shares rose as much as 50 percent in the year following Ward’s ousting on optimism about the impact of cost cutting, asset sales and higher initial production rates from some of its wells. The energy company’s oil and gas output has dropped below Wall Street expectations, casting doubt on its growth prospects, and its Chief Operating Officer David Lawler – who had been seen as key to some of the improvements it had made - departed for BP Plc’s  U.S. At the same time, a restructuring proposal that would have tax benefits is being held up by the Internal Revenue Service.


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Saying Goodbye To Joan Rivers: The Bigger The Funeral, The Bigger The Tax ... - Forbes

Google IRS Federal Income Tax - Sun, 2014-09-07 08:19

Forbes

Saying Goodbye To Joan Rivers: The Bigger The Funeral, The Bigger The Tax ...
Forbes
While the specifics of that case may be enough to distinguish it from others, the ruling offers some insight into how judges (and the IRS) might regard funeral services which are quite different from funeral receptions, additional tributes or luncheons ...

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How the 2014 Tax Brackets Work -- and How to Make Them Work for You - Motley Fool

Google IRS Federal Income Tax - Sun, 2014-09-07 07:00

How the 2014 Tax Brackets Work -- and How to Make Them Work for You
Motley Fool
And if you're in the 25% tax bracket, you won't pay anything close to 25% of your income in federal income taxes. Here's a crash ... For 2014, the IRS allows elective salary deferrals (your contributions) of up to $17,500, or $23,000 if your over 50 ...

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U.S. Senate investigators split on party lines over IRS scandal

Yahoo Tax - Fri, 2014-09-05 18:44
By Kevin Drawbaugh WASHINGTON (Reuters) - Democratic Senate investigators criticized a watchdog for the U.S. Internal Revenue Service on Friday for "inaccurately and unfairly" damaging public confidence in the tax agency's political impartiality. Republican investigators disagreed, defending the job done by the Treasury Inspector General for Tax Administration (TIGTA) last year in reviewing the IRS' handling of tax-exemption applications received from political groups. Last year's controversy stemmed from allegations that IRS agents had singled out applications for tax-exempt status from the Tea Party movement and other conservative groups for extra scrutiny.
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Brunswick men charged with tax fraud plead not guilty - Press Herald

Google IRS Federal Income Tax - Fri, 2014-09-05 14:39

Brunswick men charged with tax fraud plead not guilty
Press Herald
Messier is accused of failing to file federal income tax returns since 1997. In 2012, the IRS began a collection action against him for back taxes, interest and penalties for the years of 2000 to 2004 totaling $172,000. From 2006 to 2012, Messier ...

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Men Facing IRS Tax Fraud Charges Say They Don't Recognize U.S. Government - CPAPracticeAdvisor.com (registration)

Google IRS Federal Income Tax - Fri, 2014-09-05 11:42

CPAPracticeAdvisor.com (registration)

Men Facing IRS Tax Fraud Charges Say They Don't Recognize U.S. Government
CPAPracticeAdvisor.com (registration)
Messier, who also faces charges of failing to file federal tax returns and failing to pay federal income taxes, could not be reached for comment Thursday, but his legal troubles could have broader implications. For years, Messier has been leasing space ...
Despite no-show threat, two men who question constitutionality of IRS appear ...Bangor Daily News

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Despite no-show threat, two men who question constitutionality of IRS appear ... - Bangor Daily News

Google IRS Federal Income Tax - Fri, 2014-09-05 11:11

CPAPracticeAdvisor.com (registration)

Despite no-show threat, two men who question constitutionality of IRS appear ...
Bangor Daily News
Messier, who owns a number of towers at his property on Tower Lane in Brunswick, is charged with failing to pay $172,000 in federal income taxes and failing to file a federal income tax return every year since 1997. He leases space on the property to ...
Men Facing IRS Tax Fraud Charges Say They Don't Recognize U.S. GovernmentCPAPracticeAdvisor.com (registration)

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Tax rebels facing IRS fraud charges plan to skip court - Press Herald

Google IRS Federal Income Tax - Fri, 2014-09-05 01:02

Tax rebels facing IRS fraud charges plan to skip court
Press Herald
Messier, who also faces charges of failing to file federal tax returns and failing to pay federal income taxes, could not be reached for comment Thursday, but his legal troubles could have broader implications. For years, Messier has been leasing space ...

Categories: Tax news

Ex-FBI agent and wife admit cheating the IRS out of at least $200000 - The Star-Ledger

Google IRS Federal Income Tax - Thu, 2014-09-04 14:20

Ex-FBI agent and wife admit cheating the IRS out of at least $200000
The Star-Ledger
Pritesh Desai, 47, and his wife Darshna Desai, 45, both of Watchung, surrendered to federal authorities Thursday and pleaded guilty to charges of conspiring to defraud the IRS before U.S. District Judge Michael A. Shipp in Trenton federal court ...

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CBO Cost Estimate Shows ABLE Act Would Cost More Than it Saves

Tax Foundation - Thu, 2014-09-04 12:30

The Congressional Budget Office recently released its cost estimate for H.R 647, Achieving a Better Life Experience Act of 2014. The bill, which has strong bipartisan support, would “allow for the creation of a new type of tax-favored account – an ABLE account for individuals with disabilities.”

These accounts, a form of 529 plan for education savings, allow for the accounts to grow tax free, as long as it is used for qualified disability expenses. An ABEL account can help families of disabled individuals cover the cost of medical procedures and expenses while allowing interest to accrue tax free.

The CBO however has released its report stating that the law will increase direct spending by an estimated $1.2 billion over ten years, and reduce total revenues by $900 million in the same period. All together, the bill will increase the deficits by $2.1 billion over the next 10 years and cost 33 percent more to administrate than it saves in taxes for participants.

Nearly all of the direct spending of the bill is related to the increase in “number of beneficiaries of federal means-tested programs and federal spending for such programs,” according to the report.

Another CBO study found that federal spending on such programs has increased from around $5 billion in 1972 to nearly $600 billion in 2012, with a large portion of this cost determining participant’s eligibility. The administrative cost of this types of programs is, in turn, picked up by more burdensome taxes elsewhere in the code.

Now, like 529 plan, these types of programs can be an excellent way to limit tax code biases against saving and investment. However, the different types of plans are often pitted against one another, selecting who should be able to save and for what. As we have written before, they force individuals and families to separate their savings into different buckets. This limits some of the growth potential from that savings.

Instead of multiple costly new programs, tax reformers should consider consolidating different saving vehicles into a universal savings plan. Canada has created this type of program with positive results.

A universal savings plan would be a positive addition to the tax code and allow all individuals and families to choose how best to direct their saving, without the added cost and complexity.

Follow Josh on Twitter 

Categories: Tax news

IRS Plans to Process Complaints against Tax Preparers Faster - Accounting Today

Google IRS Federal Income Tax - Thu, 2014-09-04 11:27

Forbes

IRS Plans to Process Complaints against Tax Preparers Faster
Accounting Today
The IRS processed about 77 million individually electronically filed federal income tax returns prepared by paid tax return preparers in 2013, TIGTA pointed out. As part of its oversight responsibilities, the IRS has developed processes and procedures ...
IRS Employee Charged With Tax Fraud Over Refund SkimForbes
Tax-Exempt Organizations Still Have to Pay Payroll Taxes…and Owe at least ...AllGov

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New Study Finds New York Growth in Millionaires Slowest in the Nation

Tax Foundation - Thu, 2014-09-04 10:00

The Empire Center, a nonpartisan think tank in New York, released a report today suggesting that New York has lagged behind the rest of the nation in making new millionaires. From 2011-2012, the United States on the whole saw a 29 percent increase in the number of millionaire tax filers. New York however saw only a 14.6 percent increase in the same period, the lowest rate of growth in the country.

The report further points out that New York had also “trailed the national rate of increase in the number of taxpayers earning AGI of $200,000 or more.” Authors E.J. McMahon and Daniel Russo argue that these are troubling indicators and point to weaknesses in the state’s economic growth and wealth creation. In fact, there is good reason to believe taxes may play a role in slowing the rate at which states gain new millionaires.

One deterrent for the state’s wealth creation is its “Millionaires Tax.” As we have written before, some states have been more willing to raise income taxes by designing the increase to affect only a small subset of high-income earners. The income level at which the new top rate applies is often a sharp jump from where the top rate previously applied. In the case of New York, rates jump from 6.85% to 8.82% on incomes over $1 million. Furthermore, New York is one of three states to have an “income recapture” provision, whereby taxpayers with income over a certain threshold must pay a higher tax rate on all income below that threshold as well. Provisions like these can encourage tax avoidance and extra tax planning at least, distortionary income and benefits restructuring in many cases, and at the extreme even increased out-migration and diminished work incentives.

New York is ranked 50th in our 2014 State Business Tax Climate Index, and has the highest state-local tax burden in the country at 12.6%. Such uncompetitive tax policy can negatively impact economic growth generally, as we have demonstrated before. But the case of millionaires is even more straightforward. Even without any controls, state-local tax burdens can account for 44 percent of the variation in millionaire growth rates among the states. A regression of tax burdens, economic growth, and state price levels can explain over 70 percent of the variation in state growth rates for millionaires, and higher tax burdens remain a significant indicator of lower growth in millionaires.

In many cases, the relationship between taxes and economic variables of interest is complicated. But in some, it’s simpler. With New York having some of the most burdensome taxes in the country on individuals who may be most sensitive to taxes, it makes sense that growth in millionaires would be slower. Throughout the nation, more burdensome taxes are associated with slower formation of millionaires.

At least some portion of New York’s slow millionaire growth may be due to migration. This can be seen from our state migration map, which shows that from 2000-2010, New York had a net loss of $45.6 billion in personal income from people leaving the state. While the state remains a leader in terms of millionaires per capita for now, the state’s continuing high taxes may help other states take the lead. Just since 2010, New York’s share of millionaires nationwide fell from 12.7 percent to 11.2, while Texas’ rose from 8.5 percent to 9.3. New York’s recent tax reform was a step towards less economically damaging taxes in the Empire State, but there remains a long way to go before the state’s whole tax code will be truly competitive.

Read more on New York.

Read more on Millionaires’ Taxes.

Read more on Migration.

Follow Josh and Lyman on Twitter.

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